Consumers Are Ready To Share Data But Wary Of Use: Survey

NEW YORK: Consumers worldwide overwhelmingly are ready to share their personal information to get better services from their doctors, bank and retailers, but they are cautious about how they share, a global survey by IT services major Infosys says.

According to the survey done by independent research firms KRC and Vanson Bourne and commissioned by Infosys, the digital consumers are sometimes skeptical about how institutions use their data.

"82 per cent of respondents expect their bank to mine personal data to protect against fraud. It's so important an issue that just over three quarters (76 per cent) even would consider changing banks if a competitor offered assurances that their data and money would be safer," it said.

63 per cent of consumers want banks to communicate with them about their account or transaction information via alerts to mobile or smart phone, however, only 32 per cent frequently share information on these devices, the survey added.

The global research covered 5,000 digitally savvy consumers in the US, the UK, France, Germany and Australia in May this year.

"Despite these clear concerns about security more than a third of consumers (35 per cent) still feel that their current bank or financial institution does not have a clear process for addressing fraudulent issues," the survey revealed.

Americans, Europeans and Australians feel comfortable sharing data with doctors (90 per cent), banks (76 per cent) and retailers (70 per cent); however, the research shows contrasting nuances, the survey said.

"Consumers won't readily share personal medical history with doctors. They say they want targeted ads yet are wary of sharing the information to enable this," it added.

The study shows that consumers understand the benefits of sharing data but remain cautious of data mining (especially in Europe).

39 per cent globally describe data-mining as invasive while also saying it is helpful (35 per cent), convenient (32 per cent) and time saving (33 per cent).

Consumers in the US are less concerned about the invasive issue (30 per cent) than in the other countries surveyed, while German consumers are less willing to share personal data that in other countries, it said.

Besides, three-quarters of consumers worldwide believe retailers currently miss the mark in targeting them with ads on mobile apps and 72 per cent do not feel that online promotions or emails they receive resonate with their personal interests and needs, the survey added.

78 per cent on the respondents agree that they would be more likely to purchase from a retailer again if they provided offers targeted to their interests and 71 per cent feel similarly if offered incentives based on location.